342 Spruce St San Francisco, CA 94118

Property Details for 342 Spruce St

Year built

1909

Property size

12,705 SF

Property type

Apartment buildings

Description

This exceptional three-story, nine-unit apartment building, located at 342 Spruce Street in San Francisco's Presidio Heights neighborhood (94118), presents a compelling investment opportunity. Built in 1909 and boasting 12,705 square feet on a 5,789 square foot lot, this courtyard-style property offers a blend of historic charm and modern upgrades. The building features spacious flats, many with three bedrooms, formal dining and living rooms, large kitchens and pantries, and rear porches with washer/dryers. Three units have been renovated to a condo-quality finish, while others retain their Edwardian character. Recent building improvements include a new roof, renovated stucco façade, rebuilt rear stairs, and a completed seismic upgrade. While most units are leased at market rates, four are currently vacant, providing immediate value-add potential. The property also includes one parking space and large, unsprinkled storage units. Located near the vibrant Sacramento Street shopping district and Laurel Village Shopping Center, this turnkey investment offers a 4.57% cap rate with a Net Operating Income (NOI) of $345,259 and an asking price of $7,550,000 ($594/sq ft). The property's permitted zoning is NCD - Sacramento. The building's electrical system (200 amps) may require an upgrade. This detached corner building benefits from abundant natural light and is situated within walking distance of Presidio National Park. Owned by the same family for three generations, this historic property offers a rare chance to acquire a stabilized asset in a prime San Francisco location.

Location Insight

City

San Francisco

County

San Francisco

State

California

Longitude

-122.453

Latitude

37.7876